May 11: IME General Insurance and Prudential Insurance Company completed their merger and began joint operations under the new name "IGI Prudential Insurance” from Wednesday.

The merger was finalized on March 19, and it received approval from the Securities Board of Nepal and Nepal Insurance Authority on April 16 and April 9, respectively.  The two companies had agreed to a 1:1 swap ratio for the merger, resulting in a paid-up capital of NPR 3.2 billion for the merged entity.

 IME General Insurance's paid-up capital was NPR 1.80 billion, while and Prudential Insurance's paid-up capital was NPR 1.22 billion.

Hemraj Dhakal has been appointed as the chairman of the merged entity and was sworn in on Wednesday by Nepal Insurance Authority Chairman Surya Prasad Silwal.

Additionally, the merged entity's Board of Directors includes Bishal Agrawal, Ambika Prasad Poudel, Amit Agarwal, Arpit Agrawal, Rajendra Singh Agarwal, and Krishna Prasad Sharma. Sharma is an independnet director.